Power and battery could slow advancements of Internet of Things (IoT) technology. So, these IoT based devices need high capacity batteries and long shelf life to hold sufficient power to run a device and not lose power overtime. Thus, battery selection for IoT devices is crucial as they find their use in various industries such as consumer electronics, home automation, wearable devices, BFSI, industrial, retail, agriculture, aerospace & defense, and healthcare. Innovations in next generation technologies would pave the way for better and improved battery for IoT. The global battery for IoT market is experiencing a significant growth, and is expected to grow considerably in next few years.
Covid-19 scenario and analysis:
- The global battery for IoT market size has been significantly impacted by the COVID-19 outbreak. New projects throughout the world have stalled, which has declined the market growth.
- Global factories have struggled to manufacture and assemble new battery for IoT as workers are staying at homes and the already available devices in various warehouses cannot be transported, owing to current rules and regulations, which, in turn, has disrupted the global supply chains.
- COVID-19 outbreak has made technology one of the priorities for people so demand for battery for IoT in various applications such as healthcare, security, and wearable devices is expected to grow significantly.
- The impact of COVID-19 on this market is temporary as just production and supply chain is stalled. Once the situation improves, production, supply chains, and demand for these batteries are expected to gradually increase.
- The current scenario is expected to provide opportunities for companies to think about ways of increasing production, research about technologies, and improve the current products.
Top impacting factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis
Increase in adoption of IoT enabled devices, multi fold rise in use of IoT and increase in applications in advanced and portable equipment boost the battery for IoT market growth. However, availability of substitute products and varying raw material prices hinder the market growth. Moreover, increase in demand for wireless communications, rise in demand for thin and flexible batteries, surge in R&D to develop advanced devices, and investments in automation are expected to fuel the market growth in the future.
New product launches to flourish the market
Partnership was carried between General motors and LG Chem to mass produce battery cells for future battery powered electric vehicles. This enables low cost advanced battery solutions. A new battery management technology that measures electrochemical impedance of batteries to evaluate the residual value of lithium ion batteries in devices was developed by Panasonic in the year 2019. It would be used in applications of devices that contain lithium ion battery modules. Thus, these products boost the battery for IoT market growth.
Surge in usage in aerospace & defense industry
To ensure integration and connectivity of aircraft, systems, and people to the internet, IoT technology is being used on a large scale in the aerospace industry. Comprehensive machine data is captured by sensors, which are present in various IoT devices. These sensors are critical and are installed in machines, vehicles, and aerospace & defense equipment. Moreover, airlines can improve their baggage handling and equipment monitoring by using IoT. Thus, there is surge in use of battery for IoT in the aerospace & defense industry, which boosts the battery for IoT market share.
Key benefits of the report:
- This study presents analytical depiction of the global battery for IoT industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global battery for IoT market share.
- The current market is quantitatively analyzed to highlight the battery for IoT market trends.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed global Battery for IoT market analysis based on competitive intensity and how the competition will take shape in coming years.
Questions answered in the battery for IoT market research report:
- Who are the leading market players active in the global battery for IoT market?
- What would be the detailed impact of COVID-19 on the global battery for IoT market?
- What current trends would influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the global battery for IoT market?
- What are the projections for the future that would help in taking further strategic steps?
Battery for IoT Market Report Highlights
By End User
Key Market Players
Rocket Electric Co. Ltd, LG Chem Ltd, SAFT Groupe SA, Panasonic Corporation, Duracell Inc, Enfucell OY, Cymbet Corporation, STMicroelectronics N.V, Ultralife corporation, Samsung SDI Co